http://www1.uneca.org/ArticleDetail/tabid/3018/ArticleId/1438/Africa-is-the-second-fastest-growing-continent-Economic-Report-on-Africa-2012.aspx 1/1
© 2012 Economic Commission for Africa
Africa is the second fastest growing continent - Economic Report on Africa 2012
ECA Press Release No. 111/2012
Lusaka, 29 June 2012 (ECA) - The 2012 Economic Report on Africa, a joint annual publication of the United Nations Economic Commission for Africa (ECA) and the African Union (AU) was launched today in Lusaka, Zambia.
Presenting an overview of the report, Chief, Finance, Industry and Investment for ECA Patrick Osakwe said that Africa was the second fastest growing continent in the world registering high levels of economic growth.
According to findings of the report, Africa grew by an average of 5.6% in the last decade, suggesting that Africa is likely to make the 21st century its own. The high levels of economic growth has been due to several factors, such as improved economic management, increased capital inflows and a hospitable international economic environment.
Although Africa’s growth declined in 2011, due to a slowed down world economy amidst increased risks and uncertainties of the escalated euro area sovereign debt crisis in 2011 and the political unrests in North Africa, it was poised to strongly rebound in 2012.
The report, however notes that the growth of the past decade has not necessarily resulted in any meaningful social
development as poverty remained very high across the continent characterized by unemployment, especially among youth with most employment in the low productivity agriculture and informal sectors.
The report observes that unless structural transformations are accelerated, poverty will stubbornly remain high as inequalities in income and access to asset and social services widen among the population. “Sustaining the current growth momentum in Africa and unleashing the continent's productive capacity requires innovative and bold actions on many fronts,” said Osakwe.
The report recommends that unleashing Africa’s potential as a global growth pole requires investment in human capital and technology; investment in physical infrastructure, unleashing Africa’s agricultural potential and regional economic integration, among others.
The report was launched Mr. Chrispin Mpuka of the University of Zambia to more than 50 participants including private sector, government officials, civil society, and academia. UN agencies and representatives of the international and diplomatic communities were also in attendance.
Issued by:
ECA Information and Communication Service P.O. Box 3001
Addis Ababa Ethiopia
Tel: 251 11 5445098 Fax: +251-11-551 03 65 E-mail: ecainfo@uneca.org
Web: www.uneca.org
For highlights and more, follow us on:
Related Articles
ECA study says many peace negotiations do not address causes of conflicts(11/28/2012)
Knowledge gap on climate change a major barrier to policy development(9/7/2012)
Minister of Tourism officially opens 18th Session of ICE, says Africa should tap into cultural tourism(3/1/2012) Experts review ECA's flagship
report on value-addition (11/28/2012)
Knowledge Management training kicks off to strengthen collaboration in support of Southern African member states(5/4/2012)
Mauritius: Sea, Sand, Sun and why it must diversify its tourism(2/29/2012) SADC eCommerce strategy
approved by ICT Ministers(11/20/2012)
ECA's subregional office in Southern Africa gets a new Director(3/16/2012)
Southern Africa should seize current global focus on continent as investment destination - Experts(2/29/2012) ECA, AFDB to collaborate on youth
employment and other projects in Southern Africa(9/28/2012)
